SharePrice.com - UK Share Information - Friday, 18th August 2017

Risers & Fallers

Hargreaves Profits Increase

Thursday, 17th August 2017

Chief executive Chris Hill, who joined the company six months ago, replacing Ian Gorham, said that the company was looking to pick up the books of investment trusts from asset managers after having signed a deal with Legg Mason last year, and another with BlackRock in July.

The key thing, he explained, was that the company wanted to position itself in a way that would allow them to take advantage of the opportunities as they surfaced. He said that the company was on the lookout for other opportunities that would work both for the asset managers and for the client.

The company is looking to make more deals similar to the one with BlackRock, which it hopes will see thousands of retail clients with more than £90 million in assets join Hargreaves in October. The deal is aimed at helping asset managers to shed clients which are not a core part of their day to day business.

Hillís pledge came after the FTSE 100 company confirmed it had seen pre-tax profits rise by 21 percent compared to the same time period last year, with profits for the year up to June 30th being £266 million, in spite of Brexit hitting investor confidence, and being a drag on profits. The company hopes that it will benefit from the increasingly complex savings and pensions market.

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